External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>BBYB 3Q25 solid net profit of Rp188bn (+62% qoq) were driven by lower CoC of 13.2%, bringing 9M25 to Rp464bn, exceeding our FY25 est.</li><li>Managements expect above-industry loan growth for FY26F driven by its digital lending and cautious stance in its commercial loans.</li><li>We downgraded our rating to Hold with an unchanged TP of Rp400, as share prices have rallied 79% YTD and earnings growth will normalize.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BBYB 3Q25 solid net profit of Rp188bn (+62% qoq) were driven by lower CoC of 13.2%, bringing 9M25 to Rp464bn, exceeding our FY25 est.Managements expect above-industry loan growth for FY26F driven by its digital lending and cautious stance in its commercial loans.We downgraded our rating to Hold with an unchanged TP of Rp400, as share prices have rallied 79% YTD and earnings growth will normalize.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Neo Commerce (BBYB IJ) - Lower-Than-Expected Cost of Credits Offset Loan Book Contraction

PT Bank Neo Commerce

Bank Neo Commerce (BBYB IJ) - Lower-Than-Expected Cost of Credits Offset Loan Book Contraction